XML 27 R7.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net income $ 232.8 $ 56.9 $ 25.0
Loss from discontinued operations, net of tax (3.5) (0.6) (57.6)
Income from continuing operations 236.3 57.5 82.6
Adjustments to reconcile net income to net cash provided by operating activities:      
Bridge loan facility fees 0.0 26.1 0.0
Depreciation and amortization 269.9 231.1 81.9
Employee share-based compensation expense 18.9 12.6 10.6
Financing costs amortization 19.1 17.2 2.9
Deferred income tax benefit (26.1) (79.3) (1.7)
Other non-cash operating activities (8.2) 3.8 (5.7)
Changes in assets and liabilities, net of acquisitions:      
Accounts receivable (14.5) (76.5) (45.3)
Inventories 54.9 20.8 (48.7)
Unbilled contract revenue (267.7) (166.0) (40.9)
Prepaid expenses and other current assets 4.4 27.6 (21.6)
Accounts payable and other current liabilities [1] 190.1 237.2 88.8
Customer advances and billings in excess of contract revenue (4.0) (58.2) 27.9
Long-term assets and liabilities 35.6 (19.1) (50.0)
Net Cash Provided By Continuing Operating Activities 508.7 234.8 80.8
Net Cash Used In Discontinued Operating Activities (5.7) (67.6) 0.0
Net Cash Provided By Operating Activities 503.0 167.2 80.8
INVESTING ACTIVITIES      
Acquisition of business, net of cash acquired 0.0 (4,322.3) (25.8)
Proceeds from sale of businesses, net of cash divested 0.0 474.8 0.0
Capital expenditures (120.8) (135.6) (74.2)
Investments (13.1) (11.6) (9.9)
Cash received from settlement of cross-currency swap agreement 0.0 0.0 9.4
Other investing activities (4.9) 7.2 (1.1)
Net Cash Used In Continuing Investing Activities (138.8) (3,987.5) (101.6)
Net Cash Used In Discontinued Investing Activities (2.5) (2.6) 0.0
Net Cash Used In Investing Activities (141.3) (3,990.1) (101.6)
FINANCING ACTIVITIES      
Borrowings on senior secured and senior unsecured notes 0.0 0.0 1,940.0
Borrowings on credit facilities 3,735.1 1,895.1 635.3
Repayments on credit facilities (3,627.2) (1,901.2) (1,128.2)
Repayment of convertible notes (258.7) 0.0 0.0
Borrowings on term loan 0.0 1,747.3 0.0
Repayments on term loan (50.0) (158.3) 0.0
Payments for debt issuance costs (10.2) (136.2) (4.7)
Proceeds from issuance of common stock, net 0.0 11.7 675.5
Proceeds from issuance of preferred stock, net 0.0 0.0 388.4
Dividend distribution to noncontrolling interests 0.0 (12.2) 0.0
Dividends paid on mandatory convertible preferred stock (27.2) (27.3) 0.0
Other financing activities (5.5) (6.4) (2.1)
Net Cash (Used in) Provided By Financing Activities (243.7) 1,412.5 2,504.2
Effect of exchange rate changes on cash and cash equivalents (8.6) 6.2 (0.5)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents 109.4 (2,404.2) 2,482.9
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 201.1 [2] 2,605.3 [2] 122.4
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD [2] $ 310.5 $ 201.1 $ 2,605.3
[1] Includes $37.0 of acquisition related financing fees for the year ended December 31, 2022.
[2] Includes restricted cash and restricted cash equivalents of $1.9, $12.8 and $1,941.7 classified within other current assets on our consolidated balance sheets as of December 31, 2024, 2023 and 2022, respectively. For further information regarding restricted cash and restricted cash equivalents balances, refer to Note 10, “Debt and Credit Arrangements.”